Parnas Hotel and Resort has reported its highest-ever performance for the first half of the year. This achievement is attributed to balanced growth across its main hotels and the rapid establishment of new businesses under CEO Yoon Chang.
The company announced that it recorded revenue of 285.5 billion won and an operating profit of 54.3 billion won for the first half of the year. Compared to the same period last year, revenue increased by approximately 41%, while operating profit surged by about 92%. The growth in operating profit outpaced revenue growth, indicating improved profitability.
This performance is seen as a result of reducing reliance on a single business location and enhancing the competitiveness of its overall portfolio. A key factor driving the growth in the first half was the Westin Seoul Parnas, which opened in September last year. The hotel generated 69.9 billion won in revenue and 5.3 billion won in operating profit during the first half.
After achieving operational profitability in its first quarter, the hotel recorded an operating profit margin of 13.4% in the second quarter, quickly stabilizing its revenue structure. The occupancy rate for the second quarter was 91.5%, establishing a strong presence in the premium hotel market in Seoul, despite being less than a year old. Key business segments, including food and beverage and events, have also stabilized.
The Grand InterContinental Seoul Parnas, a core existing business, continued to perform steadily, with revenue of 104.3 billion won and operating profit of 18.7 billion won in the first half. The occupancy rate for the second quarter reached 91.8%. Notably, food and beverage revenue increased by 15.9% compared to the same period last year. The fine dining restaurant Hinotsuki's sushi omakase, Sushi Kanesaka, received a Michelin one-star rating about 15 months after its opening in November 2024, enhancing its culinary competitiveness.
Parnas Hotel Jeju recorded revenue of 22.4 billion won in the first half, despite operational constraints due to facility upgrades for guest rooms and indoor and outdoor swimming pools. There was a notable increase in foreign guests, with the number of international visitors rising by approximately 29% compared to the same period last year. The proportion of foreign guests among all visitors increased from 16.0% in the first half of last year to 23.6% this year, a rise of 7.6 percentage points.
Nine Tree by Parnas absorbed demand from foreign individual travelers, achieving revenue of 51.2 billion won and operating profit of 12 billion won in the first half, marking increases of 11.8% and 21.8%, respectively, compared to the previous year. Major locations such as Myeongdong, Insadong, Dongdaemun, Pangyo, and Yongsan secured stable room demand, while proprietary content like the local experience program 'Navista' enhanced brand competitiveness.
The rental business of Parnas Tower, a non-hotel segment, also reported revenue of 35.5 billion won and operating profit of 19.2 billion won in the first half, both up 7.9% year-on-year, supporting a stable revenue base.
Additionally, Parnas Hotel and Resort is expanding its portfolio beyond direct ownership and operation, leveraging over 40 years of accumulated hotel management expertise and brand competitiveness. The company has entered the senior residence market as the operator of 'Sohyang Hanam by Parnas,' the first high-end senior residence in the country, and is broadening its hotel management business through projects like 'Inscape Yangyang by Parnas.' This strategy aims to transform the company into a comprehensive hospitality enterprise encompassing luxury hotels, resorts, premium business hotels, senior residences, and management contracts.
A representative from Parnas Hotel and Resort stated, "This record performance for the first half is a result of the competitiveness of the entire portfolio, not just a specific hotel. The successful market entry of the Westin Seoul Parnas, along with balanced growth across key business segments, has significantly strengthened our revenue structure and business competitiveness."
* This article has been translated by AI.
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